Circle has announced that it is planning to bring applications on Solana for Web3 services. The objective is to bank on stablecoins and make them accessible to everyone across the globe. It is based on the fundamental principle that a portion of the population has not yet been tapped. USDC and other stablecoins have the opportunity to boost an open and inclusive financial system irrespective of geographic location.
Circle and Solana will work together to provide businesses and builders with the resources they need to provide universal access to the stablecoin mentioned above.
Some of the tools that are on the table here are secure wallets, on-chain transaction management plus smart contract interactions, and a seamless UX – user experience. The last aspect includes a smoother onboarding process and a faster transaction flow.
Solana’s partnership with Circle, in this instance, is based on two core pillars, namely the stablecoin ecosystem and developer community. They have expressed the excitement of working with developers and businesses to bring upcoming applications to the native network. Interested participants can sign up for the Early Access Program on Circle to try Web3 services on Solana.
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Some members have expressed excitement about the development, but some have expressed their concerns. They have called Solana a shady network and said that it majorly excludes transactions at scale and is a closed network.
Divergent opinions are reflected in SOL’s market value. With a listed price of $175.46, the token is down 4.32%. In the last seven days, it has also decreased by 3.55%. The only surge that it has experienced is in the last 30 days, which is 19.51% at the time of writing this article.
Solana has confirmed the development with Circle and shed more light on it. Solana has said that the network has surpassed the milestone of $3 billion in terms of issuing stablecoins on its network. It has added that Circle has also surpassed the mark of $2 billion issuance for USDC on the network. Solana is confident that there is a lot of room for stablecoins to grow, especially with a killer use case for the network.
Tether’s USDT and Paxos’ USDP are two additional stablecoins in the network. The fact that Solana handles stablecoin development, point of sale, and transfer in collaboration with dependable partners is what draws developers to the platform. With Solana, developers can easily construct applications and take advantage of blockchain finance’s potential.
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Moving forward, Circle is looking to embrace its recent partnership with HEC Paris Business School. They will, together, launch the HEC Paris Center on the Future of Money & Digital Assets. This aligns with the mission of Circle, which is to enhance the global exchange of value and empower humanitarian aid, businesses, and citizens across the world.
